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ECO 365 Week 1 Knowledge Check Preview ECO 365 Week 1 Knowlege Check 1. Price elasticity of demand is the A. change in the quantity of a good demanded divided by the change in the price of that good B. change in the price of a good divided by the change in the quantity of the good demanded C. percentage change in price of that good divided by the percentage change in the quantity of that good demanded D. percentage change in quantity of a good demanded divided by the percentage change in the price of that good The Correct Answer is D 2. in general, the greater the elasticity, the A. smaller the responsiveness of price to changes in quantity B. smaller the responsiveness of quantity to changes in price C. larger the responsiveness of price to changes in quantity